LAS VEGAS, Aug. 19, 2019
/PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a
diversified global technology company with leading artificial
intelligence ("AI") solutions and digital media properties,
today announced that it has expanded its collaboration
partnership with Hanvon Technology, a publicly listed Chinese
systems integrator to win the Master Retail Contract for the
Transformation of the top global telecom provider in China's 17,000 corporate stores into smart
retail stores.
Valued at $50,000,000 over the
course of three years, KanKan and Hanvon Technology worked with the
telecom customer to plan the objectives, framework, item list, and
deployment of the upgrade and transformation to smart retail
stores.
"Hanvon is excited to partner with KanKan AI, after interviewing
many AI companies to select the right strategic partner," said
Li Bing, Vice President of Hanvon
Technology. "We are attracted by the core AI technology owned
by KanKan AI, and its previous successful track record in other
major retail projects. We are fortunate that the largest
telecom operator in China saw that
our collaborative AI smart store solution drives an immediate
return on investment, resulting in a 3 year plan to roll out among
its 17,000 corporate stores and a total investment of over
$50 million dollars. The success of
this project with the largest telecom operator will drive further
business with its competitors, including the 2nd largest telecom
operator, who desires the same benefits and return on
investment."
"We are very excited for this expanded collaboration with Hanvon
and the win of this important contract," said Kai-Shing
Tao, Chairman and Chief Executive Officer of Remark
Holdings. "It is a further validation of the high quality of
KanKan AI's technology and experience in the retail field to
provide value-enhancing solutions. We are encouraged by this
contract win and plan to use the future monetization of our
Sharecare holdings, whose recent strategic investment by Quest
Diagnostics, validates the value that has been created, to further
invest in the development and deployment of our artificial
Intelligence technology among our blue chip customers' global
footprint."
The first phase of the three-year project has already been
launched in eight provinces in China, with plans to roll out to more than
17,000 stores in the rest of the country over the life of the
project. The first phase includes the following four applications:
(a) online queue system where users can check the current queuing
information at the retail stores in real-time, and obtain
electronic ticket information online by making appointments and
receiving a digital number in the queue to replace traditional
paper receipts, thereby greatly improving the efficiency of the
business transaction at the retail store; (b) value-added target
marketing for VIP customers where upon entering the store, VIP
customers are instantly recognized and identified by the high
definition cameras installed in the front of the store, allowing
sales people to receive insights on the customer purchase history,
while providing personalized marketing and service recommendations
to improve sales conversion and the user experience; (c) in-store
customer management system where customers are quickly identified
and their traffic information via heat maps is provided, along with
detailed analytics and demand predictions to increase sales
conversions; and (d) cost reduction through KanKan AI's
self-service smart terminals through functions previously provided
by employees, like the replacement of cards, recharge payments,
electronic invoices, etc, automating all the core business
functionality in the retail store, including 13 of the top 20
largest volume business transactions, which covers 70% of the
store's typical transaction volumes.
The features described above enable the smart retail store
manager to analyze customer flow in stores while optimizing the
display and layout of the store to enhance the customer flow
through the implementation of targeted customer group
management; execute business marketing plans, while improving the
customer conversion rate, analyzing user consumption behaviors
while providing personalized product recommendation, and upselling
and enhancing the value of customer orders; and establish a
detailed customer relationship management system to solicit and
improve customer repurchase rates.
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) delivers an integrated
suite of AI solutions that enable businesses and organizations to
solve problems, reduce risk and deliver positive outcomes. The
company's easy-to-install AI products are being rolled out in a
wide range of applications within the retail, financial, public
safety and workplace arenas. The company also owns and operates
digital media properties that deliver relevant, dynamic content and
ecommerce solutions. The company is headquartered in Las Vegas, Nevada, with additional operations
in Los Angeles, California and in
Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please
visit the company's website at www.remarkholdings.com.
Forward-Looking Statements
This press release may contain forward-looking statements,
including information relating to future events, future financial
performance, strategies, expectations, competitive environment and
regulation. Words such as "may," "should," "could," "would,"
"predicts," "potential," "continue," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," and similar
expressions, as well as statements in future tense, identify
forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors, including those
discussed in Part I, Item 1A. Risk Factors in Remark Holdings'
Annual Report on Form 10-K and Remark Holdings' other filings with
the SEC. Any forward-looking statements reflect Remark Holdings'
current views with respect to future events, are based on
assumptions and are subject to risks and uncertainties. Given such
uncertainties, you should not place undue reliance on any
forward-looking statements, which represent Remark Holdings'
estimates and assumptions only as of the date hereof. Except as
required by law, Remark Holdings undertakes no obligation to update
or revise publicly any forward-looking statements after the date
hereof, whether as a result of new information, future events or
otherwise.
Company Contact:
E. Brian Harvey
Remark Holdings, Inc.
ebharvey@remarkholdings.com
702-701-9514
Media Relations Contact:
Brad Edwards
The Plunkett Group, Inc.
Brad@ThePlunkettGroup.com
212-739-6740
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SOURCE Remark Holdings, Inc.